Parsons v. Jefferson-Pilot Corp.
Supreme Court of North Carolina
426 S.E.2d 685 (1993)
Shareholder Parsons (plaintiff) demanded to inspect Jefferson-Pilot's (defendant's) director and shareholder meeting records and accounting records to investigate possible mismanagement, and the company refused both the accounting records and a list of non-objecting beneficial owners (NOBO list), which it said it did not possess; the court of appeals held Parsons had described her purpose and records sought with sufficient particularity, was not entitled to the NOBO list since the company lacked it, but had no right to inspect the accounting records because the statute excluded public-corporation shareholders from that specific right. Both parties sought further review.
Whether a statute granting shareholders the right to inspect accounting records, but excluding shareholders of a public corporation from that right, abrogates those shareholders' pre-existing common-law right to inspect a public corporation's accounting records.